Sunday Talkies

Geithner, Summers Make Economic Case for Reform

By John Amick
The Obama administration's leading point men in reviving a sagging American economy, Secretary of Treasury Timothy Geithner and White House economic adviser Larry Summers, insist that the recession is waning and that the need for strong reforms in health care is crucial to a full economic rebound.

"In addition to rescuing the economy, we have to rebuild it on much stronger foundation, so we don't have the kind of problems that brought this expansion to an end, that led to the mess we've suffered for the last two years. And crucial to that is getting the federal deficit under control," Summers said on CBS's "Face the Nation."

"The first and most important thing for getting the federal deficit under control is substantial reform of the health-care system, and that's why the president started there."

Summers and Geithner stayed on talking points that attempted to tie together some of the main concerns about the Obama administration's long-term fiscal policies with the more immediate struggle over health-care reform. Polling this summer shows a gradual decrease in public support for Obama's push for a health-care overhaul, from 57 percent approval of Obama's actions in April to 46 percent in late July.

"We want to make sure that we're doing something that's going to reduce the growth in costs over the long term, expand access, improve the quality of care, do that in a fiscally responsible way that does not increase unduly the burden on average Americans today," Geithner said on ABC's "This Week."

Both insisted that bringing down deficits, increasing productivity throughout the American economy and keeping the burdens of such a turn around off middle-class taxpayers aren't mutually exclusive, though neither ruled out tax increases down the road.

"It's never a good idea to absolutely rule things out no matter what, but what the president has been completely clear on is that he is not going to pursue any of his priorities, not health care, not energy -- nothing -- in ways that are primarily burdening middle class families," Summers said on "Face the Nation." "That is something that is not going to happen."

Geithner acknowledged that despite claims of relief the administration has promised, achieving these goals will require more cooperation in Washington. His statements seem to show the delicate balance the administration must achieve in overhauling health care, which encompasses nearly one-fifth of the American economy, during a recession and when record deficits concern even proponents of reform.

"We have to bring them (deficits) down to a level where the amount we're borrowing from the world is stable at a reasonable level," Geithner said. "And that's going to require some very hard choices. And we're going to have to do that in a way that does not add unfairly to the burdens that the average American already faces."

Speaking on the impact of the economic stimulus from earlier in the year, both stressed patience and recognition that the recession and its long-term effects was deemed much worse in Obama's first few months in office as opposed to the current forecasts o a foreseeable reversal.

"The president is very focused and will come to this, I hope, on the long-term deficit problem; but he is very committed to carrying through on the Recovery and Reinvestment Act, which is really a program over the next two years," Summers said on NBC's "Meet the Press." "Let me say it again, because this is an important point for your viewers, the economy surprised on the downside. We didn't know how bad it was last winter. That's what we've learned from the data revision. Because we didn't know how bad it was, unemployment is high."

Geithner said that despite positive signs for the not-so-distant future, the "basic realities" of jobs losses will continue in the near term.

"What you're going to see first is growth turn positive," he said of an eventual recovery. "And then you're going to see the pace of job losses slow materially for the -- they have already slowed significantly ..... They're going to slow materially further. But again, most private forecasters -- and let's use their judgment -- suggest you're going to see unemployment start to come down maybe beginning in the second half of next year."

One initiative both Geithner and Summers mentioned as a goal to improve conditions in America was the extension of unemployment benefits at a time of a high jobless rate.

"We'll work with Congress to make sure that unemployment insurance continues to perform its basic function of protecting the unemployed," Summers said on "Meet the Press." That was an important element in the recovery and reinvestment program. It's helped people who've become unemployed; it also helped the economy by maintaining spending. And we'll do what's necessary to make appropriate, appropriate unemployment benefits available."

Summers said the popular "cash for clunkers" program that ran out of money late last week is a sign that promise isn't such a distant reality.

"(The) program has actually been far more successful than people expected, both in terms of the number of car sales it's generated, and, I should say, in terms of the environmental benefit," Summers said.

Republican Sen. Jim DeMint (S.C.) pushed back on the success of the program, saying its immediate effects don't counteract the big picture impact of such a federal government action.

"My children and grandchildren are going to have to pay for these cars, and we're helping auto dealers while there are thousands of other small businesses that aren't getting the help," DeMint said on "Fox News Sunday." "The role of the federal government is not to run the used car business."

DeMint, who has emerged as a leading voice of dissent against the Democrats' health-care reform agenda, again lamented the prospects of the current proposals in the reform debate as "job killers" and overall unhealthy for the country's deficit and Americans' choices for care.

"They cut Medicare to come up with some money, and they raise taxes on -- on small businesses, and they penalize any American with a 2.5 percent tax if they don't have government-approved health care," DeMint said. "I mean, this is not the America we know."

Rep. Charles Rangel (D-N.Y.), chairman of the House Ways and Means Committee, countered DeMint's claims that anywhere near a majority of small businesses, a broad categorical term, would be hurt by the House plans.

"Under our statistics, 96 percent of small businesses would not be hurt by this tax," he said on Fox. "It's less than 1 percent of the wealthiest people in the United States that would be taxed, and that's at a 1 percent tax."

When asked if he would support imposing a tax on insurance companies that offer gold-plated benefits, as the Senate Finance Committee has suggested they might include in their version of a reform bill instead of a surtax on the wealthiest taxpayers, Rangel said he has not ruled out any possibilities, an answer that has been indicative of the approach by Congress and Obama in not tipping their hand in the negotiations.

"I, for one, am not prepared to reject anything. Whatever they do in the Senate, they have to combine two bills," Rangel said. "They have to bring it to conference. We have three bills in the House that we successfully passed. We have to get one bill. We have to go into conference. And I don't think either side, Republican or Democrat, should be saying at this point in time what we're going to reject and what is not acceptable."
Asked if the Democrats are prepared to pass health legislation without much Republican support, Geithner framed the question this way:

"People on the Hill are going to have to make that choice, do they want to help shape this and be part of it, or do they want this country, the United States of America, to go another several decades without doing what every other serious country has done, which is to give their citizens access to basic quality care?" he said. "We're going to try to get this done on the best possible terms consistent with those principles. Can't tell you what it's going to take, but you see what the president is trying to do."

Sen. John McCain (R-Ariz.) said the prospects for a Republican-supported health bill coming out of the Senate Finance Committee is contingent on the lead GOP negotiators, Sens. Mike Enzi of Wyoming, Chuck Grassley of Iowa and Olympia Snowe of Maine, supporting what committee chair Max Baucus, of Montana, and Democratic leaders will finally decide to include. Yet McCain won't give his support for support's sake.

"I think they (GOP senators in the committee) face pressures from both sides, to be honest with you," he said on CNN's "State of the Union." "Part of the problem sometimes is you get the Stockholm Syndrome ..... and all of a sudden you become negotiators for the sake of negotiations and a result, no matter what that result is. So far that hasn't happened."

"This stimulus, this stimulus program will create more jobs. We were always very careful, very, very careful to say we'll save or create. What that was intended to say very clearly is relative to what would have taken place in its absence. We recognize nobody can know where the economy is going to be with any precision, but what we can know is that if we prevent cops and teachers from being laid off, if we enable consumers to spend more, if we put people to work investing in weatherizing 75 percent of federal buildings, then more people are going to be working than if we don't do any of those, any of those things."

- Summers on unsavory Congressional Budget Office estimates of reform proposals and whether the bills could cause a shortfall in the first decade, on NBC:

"CBO said that about one of the bills that's passed, one of the committees. This is why the discussions are continuing. No bill is going to move forward that is not over the first 10 years scored by the CBO as budget neutral. But the president's, in addition to insisting on budget neutrality, which we didn't use to do, the president's doing another important thing. It's what we've called a belt and suspenders approach. There's some things -- how we pay drug companies, for example -- where you can do the accounting very accurately and you can see what happens to the deficit. There are other things -- encouraging prevent, encouraging preventive care, taking the whole reimbursement system out of politics -- where it's much more difficult to do the exact calculation. And so the CBO doesn't give us any credit for them even though most people would say that, over time, they're likely to have some benefit. And so we're doing both sets of things. And so I think we've got a lot of basis for being optimistic that, whatever the CBO says, it's going to end up better. But we're being very conservative. That's why it's belt and suspenders. We're not taking any account of that second set of changes, the preventive care and all of that."

- Former Federal Reserve head Alan Greenspan on the improvements within the economy:

"Well, I'm pretty sure we've already seen the bottom. In fact, if you look at the weekly production figures for various different industries, it's clear that we've turned, perhaps in the middle of last month, the middle of July. And indeed you're seeing a major increase in assemblies in auto and trucks before the clunker issue even arose."

- Greenspan on the effectiveness of the Troubled Asset Relief Program:

"Collapse, I think, is now off the table. We were teetering for awhile, but I do think that the TARP program, for example, was very helpful in shoring up the capitals, that stock of banks and the like. And not an insignificant event is the $3.5 trillion increase in the stock market value of American corporations."

- Sen. McCain on Obama's tact with health-care reform:

"I think the president has got to be more specific in the -- when we come down to exactly what these proposals are. And I don't think he's done that. And in his speeches and his health care meetings, he's talked about the things that are wrong and need to be fixed, but he's not been more descriptive of what we need to do. I think they may have over learned the lesson of Clinton proposal of '93 where they were totally specific proposals, now there's not enough. At this point I think the administration, the president has to be more specific."

"I'm really still kind of undecided because there's no doubt that this is a great American success story. One that would be an inspiration to millions of other Americans, particularly young Hispanic or Latino women. There's no doubt there's that side of the discussion, as well."

- McCain on European allies supplying troops in Afghanistan:

"Those same allies you talked about refused to put boots on the ground in Iraq and under previous president of the United States. The Europeans no longer have significant defense capabilities, so therefore, they always opt for, quote, 'diplomacy' or some other method. America leads and we have to recognize that. We have to continue to put pressure on our allies to do whatever we can convince them to do, but let's not be too optimistic. America leads the world. And there are benefits to that and there are also huge penalties."

Comments

VERY impressive equitablesolutions!!!I have been saying this (of course in less mathematical terms) all along. We need to vote all of the Fascist Dictators out of our government! WE THE PEOPLE voted them in and WE THE PEOPLE will vote them out! I resent paying for government EMPLOYEE’S healthcare when WE THE PEOPLE cannot afford to pay for ourselves and are losing our benefits faster than you can say "NO BENEFITS!

Posted by: LKM2 | August 3, 2009 9:28 AM

No public plan equals no control over costs.
No control over costs equals no change.
No change equals insurance companies win.
Therefore, no public plan means the insurance monkey is still on our backs.

Posted by: seemstome | August 2, 2009 10:52 PM

To jkachmar

There’s one problem with Freeman’s (and jkachmar's ) analysis: Massachusetts doesn’t have a public plan. As former MA governor Mitt Romney, who implemented the plan, told CNSNews last month, “Our plan did not include a government insurance plan.” “Instead, we relied entirely on private market-based insurance plans to help people get insurance,” said Romney.

Instead of a public plan, Massachusetts uses an employer mandate and subsidies for people under 300 percent of the federal poverty level unable to afford coverage. Massachusetts has successfully expanded coverage to all but 2.6 percent of its population, but unfortunately, the program deferred “until another day any serious effort to control the state’s runaway health costs.” Proponents argue that a public plan would be key to cost control.

Posted by: seemstome | August 2, 2009 10:45 PM

I keep wondering why everybody isn't looking north to Mass to see exactly how their health care "project" is or isn't working. We don't need to try to "experiment" with all of our lives since Mass care is doing it for us. From what is being reported more people did get signed up under an insurance umbrella, BUT, and this is huge, the health care experiment is costing residents of Mass much more than they had projected. So I am assuming that the republicans want no part in this plan even though Romney's signature is on it. I say so what? The road is paved with best of intentions that have gone south. Why not admit they tried and try to figure out what is going wrong and if it can be fixed. The democrats don't want to talk about Mass care because it isn't working as promised and that could kill support for a big US reform.

How about we all put our heads together and figure out what does and doesn't work for others and most of all any forecasting needs to be realistic. The baby boomers are coming to your next hospital in droves.

Posted by: jkachmar | August 2, 2009 10:36 PM

Posted by: buzzm1

"CASH FOR CLUNKERS, an innovative government program, where 100,000,000 American taxpayers paid 250,000 other Americans $4500.00 to buy cars"

Posted by: MOMLEE

"Cash for clunkers are going to upper middle class people who could well afford their cars. This is temporary but it is at the expense of our children. What's next cash for TV's, or used furniture. How about turning in old porn movies. Obama needs a cause that's successful. Where is the stimulus money and all the promised jobs? All the Washington clunkees including Obama should be recycled. Over and out..."

WHAT ABOUT THE REPUBLICAN PLAN?
BUSH AND CHENEY'S CASH FOR COFFINS PROGRAM ALSO KNOWN AS THE USELESS IRAQ WAR WAS VERY SUCCESSFUL. ONE TRILLION DOLLARS, ONE HUNDRED THOUSAND IRAQIS AND FOUR THOUSAND THREE HUNDRED THIRTY ONE AMERICANS NOW HAVE BRIGHT AND SHINY COFFINS.
REPUBLICANS SHOULD BE PROUD. WRAP THAT IN A FLAG AND SMOKE IT.

Posted by: seemstome | August 2, 2009 10:30 PM

Posted by: Beacon2

"Just pay out of your pocket if you get sick, if you are living under a bridge and can't, die like a Patriot. Everyone will appreciate your sacrifice and we will award you a plastic Freedom medal."

As Bush Jr. said to the woman who was working three jobs to pay her bills, "ISN'T THAT THE AMERICAN WAY?"

Posted by: seemstome | August 2, 2009 10:03 PM

Just name ONE good thing Obama has done. I can't. However, I can name ELEVEN.

Family Smoking Prevention and Tobacco Control Act
Signed: Monday, June 22, 2009

PUBLIC HEALTH CARE REFORM BILL
SIGNED BEFORE CHRISTMAS - A PRESENT EVERY AMERICAN DESERVES.

Posted by: seemstome | August 2, 2009 9:54 PM

For those Patriots that are worried about the deficit, simply get rid of socialist social security and Medicare. They cost a trillion a year. Reform will add another 100 billion or 10%. But if we eliminate both and live in freedom we can pay off the deficit in a short period of time. No need to burden the kids. Just pay out of your pocket if you get sick, if you are living under a bridge and can't, die like a Patriot. Everyone will appreciate your sacrifice and we will award you a plastic Freedom medal.

Posted by: Beacon2 | August 2, 2009 9:53 PM

To state the obvious, when George W. Bush was serving out his second term, in every way, every day, things were getting worse.

Under President Obama, it's getting better all the time.

Posted by: douglaslbarber | August 2, 2009 9:38 PM

Posted by: buzzm1

"The German "Cash for Clunkers" program was a flash in the pan, as car sales were down correspondingly, soon after. What do we expect?"

Germans don't allow beaters on their roads.
They have strict vehicle inspections and standards. They don't do it for economic stimulus, they do it to keep the junk off the roads.

Posted by: seemstome | August 2, 2009 9:36 PM

Larry, you must explain to us how the "adults" in the Dubya admin who replaced the kids in the Clinton admin brought this all about.

Until then, you remind me of a convicted felon who wants to be heard on the subject of how we treat convicted felons.

Posted by: douglaslbarber | August 2, 2009 9:30 PM

The economy is slowly getting better, on Obama's watch, lending justification to his often vilified stimulus package.

Posted by: yarbrougharts | August 2, 2009 9:29 PM

The one thing insurance companies fear is a public option. That would cut into their profits. It would control costs. Accordingly, insurance money has targeted this possibility by contributions to the conservative democrats.
Back during the elections, Lieberman was campaigning for McClain. Democratic party officials were contemplating throwing him under the bus.They should have done it. He and others like him are denying the American people health care reform once again.
This insurance corporation "money train"
hasn't left Washington, yet. When it does it will have every newspaper, every media outlet and every blue dog traitor on board.

Posted by: seemstome | August 2, 2009 9:28 PM

Summers admitted that they didn't have a clue. These arrogant eggheads who advise he egghead in the Wite House don't know hhow to fix the economy because they're just pencil pushing geeks. They, like the incompetent phony Obama are just guessing, albeit wrongly, that even more spending will fix what profligate spending broke.
Bunch of dumma$s acadmics who get out there and lie like the liar in chief.
Contemptible pieces of feces is all they are.

Posted by: LarryG62 | August 2, 2009 9:26 PM

I think the moral case for health care reform is strong. I think the case that enacting universal health care can cure the US budget deficit is extremely weak.

I think that proven tax cheater Secretary of Treasury Timothy Geithner is the wrong messenger for universal health care.

Apparently President Obama is so interested in proving to Wall Street that he won't do anything to threaten them that he is willing to sacrifice letting poor people see doctors. It's a shameful kubuki dance, as best I can interpret it.

Posted by: douglaslbarber | August 2, 2009 9:13 PM

Summers and Geithner shredded their credibility when they went along with the preposterous "Stimulus" plan. Both are very capable men, but it is clear they will say anything to get and retain power. As a result, I just can't take seriously their claims about what health care "reform" will do for the economy.

Posted by: coastofutopia | August 2, 2009 8:40 PM

Health Care Reform should be very easy to initiate. Let's take all of our congressmen and congresswomen AND the 100 Senators’ insurance plan provided to them by us the average tax payer and possible downsize it to us the tax payer and United States Citizens. Oh we would want to make sure all of our elected officials pay the “new tax” on that special “gold insurance policy” they so carefully and frugally voted for themselves (thinking ahead of making this the brass standard for all USA citizens).
Drug companies are in the business of making drugs and money. Not necessarily in that order. If a drug company can charge $2,000.00 for a 28 day supply of cancer pills but a generic is available for let’s say $75.00 what do you think the cancer patient is going to think of the drug company offering this life saving drug at an affordable price? Then go one step further… what if the monopoly drug company had to work within the framework of a patient first policy. The patient comes first. The profit will always be there because the life-saving drug will be readily available to over six billion people. The monopoly drug company would profit, thus protecting their secret process of making the drug for 27 years in the USA and whatever the world market will bear in the ongoing years.
Health Care Reform should stay on the conscience of our congressional representatives and the Senate. It should be for Americans Only. You want to work here… We appreciate your labor and paying taxes. You want to be a citizen of this great nation? Speak the common language of English. Math has one universal language. The strength of this nation came about by having a common language. Why change what has been proven successful for over 225 years? By equitablesolutions

Posted by: equitablesolutions | August 2, 2009 7:57 PM

The Democrats may have the votes to enact health care reform or health insurance reform, whatever it's called, without Republican support.

Once the economy is doing ok, Geithner implies that middle class taxes may well be raised - despite Obama's repeated promise NOT to do that.

So, the Democrats could go into next year's election as the party that lied about middle class tax increases. Not a good way to win votes. Politicians usually are aware of that. George Bush Sr. knows.

Posted by: vrytix | August 2, 2009 7:47 PM

If Pres. Obama were your child's brain surgeon, operating NOW, would you be so dispassionate, so detached, so quick to criticize, so ready to distract? Well, he is, and your child's health is being determined... now.

In a NY Times story on the same topics, Joseph Berger reports comments from Rep. Mike Pence (R,IN) recommending more "tax relief." Mr. Pence does not seem to have learned a thing from the financial meltdown produced by the Walker Bush administration and, like old-fashioned Tibetan lamas, is turning a political prayer wheel. Pres. Obama is getting a terrific gift from those young and old fogeys, so enthusiastically shooting themselves in the "foot."

Posted by: AppDev | August 2, 2009 7:06 PM

Cash for clunkers are going to upper middle class people who could well afford their cars. This is temporary but it is at the expense of our children. What's next cash for TV's, or used furniture. How about turning in old porn movies. Obama needs a cause that's successful. Where is the stimulus money and all the promised jobs? All the Washington clunkees including Obama should be recycled. Over and out...

Posted by: MOMLEE | August 2, 2009 7:03 PM

HealthCare Reform,

FIRST: EUROPEAN DRUG PRICES FOR ALL AMERICANS

SECOND: FRAUD IN ENTITLEMENT PROGRAMS IS COSTING US >$300 BIL./YEAR. ANY QUESTIONS AS TO WHAT TO DO?

THIRD: ILLEGALS ARE COSTING US >$300 BIL./YEAR. ANY QUESTIONS AS TO WHAT TO DO?

Posted by: buzzm1 | August 2, 2009 6:58 PM

DON'T ALLOW OBAMA AND THE DEMOCRATS TO RUSH HEALTHCARE. CHECK ALL OPTIONS Geithner Summers Make Economic Case for Reform http://bit.ly/H75r7

Geithner, Summers Make Economic Case for Reform http://bit.ly/H75r7 A REAL DOG AND PONY SHOW, ALL THE KING'S HORSES AND ALL THE KING'S MEN

In 1930, our National Debt was 16.2 Billion; In 1940, our National Debt was 43.0 Billion; In 2009, our National Debt is 12,800 Billion EGAD

Posted by: buzzm1 | August 2, 2009 6:52 PM

Yonkers, New York
02 August 2009

Those who expected President Obama, his Brain Trust and the Congress to turn the U.S. economy around within six months have deluded themselves into believing that the turn-around job could be done on the quick and on the cheap.

It is a clear measure of the depth and breadth of the economic crisis which is now bedevilling the United States that it will take a lot of resources, efforts and time for the whole society to stop it dead in its tracks.[Possibly an appropriate analogy is the time and the distance needed to turn around a supertanker.]

Practically everything that needed go be done in terms of monetary policies on the part of the U.S. Federal Reserve and stimulative fiscal policies on the part of the Federal government have now been put in place.

That's not to say, however, that nothing more needs to be done as solid empirical evidence of how the economy is actually behaving becomes available to the nation's decision makers.

Realistically, it will take some time for all of these policies collectively to have their full restorative impact felt throughout the whole U.S. economy.

It helps if the American people do their part by continuing to spend, instead of being carried away by fear and saving instead, consumer spending being around 70% of GDP.

Mariano Patalinjug

Posted by: MPatalinjug | August 2, 2009 6:13 PM

This man, Obama, is the most deceitful, evil, dangerous politician America has ever elected.

"From each according to his ability, to each according to his need." Barack Obama, US President

Posted by: fwc01 | August 2, 2009 6:02 PM

The Sabotage of Obama Agenda is Happening at the GRASSROOTS...

WHAT GOOD IS STIMULUS OR HEALTH CARE REFORM...
WHEN OPERATIVES OF SECRETIVE MULTI-AGENCY PROGRAM
COMPROMISE THE LIVES AND LIVELIHOODS OF 'TARGETED' AMERICANS?

• Obama agenda, rule of law subverted by fed-funded, nationwide vigilante GPS-activated "Gestapo" that has co-opted and compromised local law enforcement.

• "Intelligence-based policing" a pretext for a security/military/intel social purge executed at the GRASSROOTS with the cooperation of local law enforcement.

So before you buy into the BS about how great Health Reform will be, you better read the latest versions of the proposed bills! Your representatives in Congress sure have and that's why they have exempted themselves from participating.

Posted by: Jimbo77 | August 2, 2009 5:39 PM

why don't all you libtards out there move to the left coast and have your own country out there. You can be amongst the illegal aliens, the pro gay marriage and abortion crowd, the hollywood elites, the 15% who don't deserve or want healthcare and all the rest of the hate the USA bunch. then please feel free to spend your own money on all the losers healthcare. Leave us 85% alone who think we already have great healthcare. Buh bye.

Posted by: charlietuna666 | August 2, 2009 5:38 PM

I guess I must have misunderstood the part about not raising my taxes a single dime. Hmmm, coulda swore the president promised me that during the campaign. Is it too late to change my vote?

Posted by: storms48 | August 2, 2009 5:23 PM

Now EVERYONE realizes that his "CHANGE" was in reference to what you will have in your paycheck to live off of.

Posted by: cschotta1 | August 2, 2009 5:36 PM

Nonsense. Obama and that band of loons that surrounds him wouldn't recognize the beginning of a recovery if it jumped up and bit them in the backside. At best the economy is stagnant and in the absence of anything positive, Obama and his propaganda machine are attempting to generate good news. Furthermore, stating that H.R. 3200 is necessary for recovery is insane. That "healthcare" bill is the most frightening socialist manifesto produced in decades. Believe this Marxist regime at your own peril.

Posted by: rplat | August 2, 2009 5:26 PM

I guess I must have misunderstood the part about not raising my taxes a single dime. Hmmm, coulda swore the president promised me that during the campaign. Is it too late to change my vote?

Posted by: storms48 | August 2, 2009 5:23 PM

In 21st century world amidst economic melt -down, it'll be suicidal to be carried away by biases,prejudices or fixations of any kind for the sake of current generation and future generations.Everyone must look for objective realities.Just read the current Fortune issue and you'll know Bush spiralled American debt liablity from $3.1Trillion in 2001 to $8 Trillon, 42% of GDP in 2008 through his tomfooleries.Also read a book about three financial wizards,George Soros,Warren Buffet and Volker,predecessor of Greenspan.In an interview with Warren Buffet by MSNBC staff, you'll find,he(Warren Buffet has said, Obama is the best thing to happen to USA in current situation,as he has good intellectual capacity and cool analytical approach.

Posted by: saleemchaudhry | August 2, 2009 5:11 PM

It is time for the Democrats to leave the Republicans behind and get helathcare reform done. There is a related post at rhttp://iamsoannoyed.com/?page_id=588

Posted by: carlyt | August 2, 2009 4:50 PM

The democRATS control Congress and the White House, so what's your excuse? Here's a little "HINT" for ya: 40% of voters are conservative, 40% of voters are moderates, and the weakest-link voters, aka liberals, make up only 20%. Could it be that a strong majority of voters are "intelligent" enough to know that this program is BS?

Posted by: cschotta1 | August 2, 2009 4:54 PM

It is time for the Democrats to leave the Republicans behind and get helathcare reform done. There is a related post at rhttp://iamsoannoyed.com/?page_id=588

Posted by: carlyt | August 2, 2009 4:50 PM

McCain, the former maverick, is a gutless phony who is afraid to have daylight between himself and the official Republican position. Before he got the nomination they whipped him into shape so that he constantly carries his dog-eared copy of the party handbook.
===================================

And on the second day of the Obama administration Harry Reid and Nancy Pelosi delivered the Democratic Handbook to Obama and made him promise to never deviate from it. Any intelligent human being (meaning NOT the 46% who still buy Obama's health care rhetoric) can see what's happening here. By 2013 these idiots will have 40-50% of our paychecks going to fund state and federal budgets for their pet projects.

Just today Obama's people leaked a plan to re-locate terrorists to either a shuttered former maximum prison in Michigan or to Ft. Levenworth. The prison in Michigan would cost $100 million to upgrade so it's habitable and secure. If terrorists are moved to Levenworth *every* single member of the military jailed there would, by law, have to be moved. Then they'd construct a court facility inside whatever prison used, there goes another $100 million.

This administration is going to bankrupt America and I'm laughing every single day at the people who weren't smart enough to figure out last year that Obama is no different than any other tax and spend liberal.

Posted by: CJMARTIN04 | August 2, 2009 4:17 PM

I tuned in and heard the interviews. Surely, certain specifics on the economy were missing.. but I fully undertand the word "forecasting." Precision never comes exactly has is expected.

Nevetheless I was encouraged by what Summers and Geithner had to say-- particularly addressing the fact that without healthcare reform, we cannot talk 'recovery' on a long term basis.

The "Key-Stone" Politicos are proclaiming the Economy is not dying as fast now!

Hurray!!!

THAT, is like listening to some incompetent Firemen celebrating the Fire dying down because all the wood has burned!

More Un-Employment Mullah for the Professionally Un-Employed?

How about ANY Money;

for the Self-Employed, Independent Contracting, or marginally Employed the Banking Clowns destroyed, who have gotten Zilch;

and are now being told by the same Banking Crooks that because of our Bad Credit, can't get any of the Money they stole from us as a Loan!?

"Hardship" Loans to People not on Un-Employment or Welfare is what is NEEDED!

Loans made available to People proving NEED!

$500 Billion, would back up FIFTY MILLION $10,000 Life Restoring/Saving Loans!

5 Year, 5% Loans that if defaulted on, get passed to the IRS to reclaim!

THAT, would actually "Stimulate" this frigging Country!

Posted by: SAINT---The | August 2, 2009 4:16 PM

Looks like the same Neo-Nuts are still posting around here. 'The sky is falling!!' 'America is becoming socialists!' 'Ahhhh.... Run!'
YAWN......

Posted by: lingo009 | August 2, 2009 4:08 PM

It seems the Obama Administration has bought-in to the "HOPE" dynamic exclusively, to the detriment of truth. The more I see and hear of this Administration, the less I can trust them. The Obama Mantra is simply "believe what I say, and do what I wish, because there is a dire emergency only I can fix, and it must be done NOW"! But reality has shown this Administration is intellectually inept and morally unguided, and relies on the fabrication of "truth" to develop convincing media soundbites. Now all Mr. Obama can do is HOPE...that Americans contine to believe his lies and accept his proclamations of victory over problems he doesn't even understand. This guy is who we thought he was; unprepared and inept. However, the depth of his intellectual dishonesty has a scope which even the most cynical of Americans finds surprising. He will lie about anything, to anyone, at anytime...

Posted by: wcmillionairre | August 2, 2009 3:59 PM

Obama made clear his plan for health-care came down to three words: fast, broad and bipartisan. The President’s batting average is not too good with only one out of three. His plan is “broad” alright and vague to the American people.

Obama also promised the American people that they will “not see any of our taxes increased one single dime”, while today Treasure Sec. Tim Geithner and NEC Larry Summers say you never know.

The way Tim and Larry talk, we may not see it (non-transparent), but our taxes will be increased by them to pay for government health-care expansion to reform private health insurance and socialize the U.S. medical delivery system for all U.S. citizens. However, the American people will not see them doing it.

This will be more outrageous government taxation without any choice or public consent by the people. Do your Representatives in U.S. Congress know about this? Tell them “No More”.

Posted by: klausdmk | August 2, 2009 3:56 PM

Sommers speaks with marbles in his mouth. Must have been all the good food at the summit. Has Geithner paid his taxes yet or is he waiting for his house to sell? When government removes their exemption to accept the single payer system then I will agree to it. You're promoting a plan you refuse, we're not stupid....push all you want, tax us, but we will not go away.

Posted by: MOMLEE | August 2, 2009 3:56 PM

Compared to the coming Economic catastrophe, Health Care "reform" isn't even the tallest midget! Gaither talks about the "waning" of the Recession, but this is being dishonest. The WORST is yet to come, and the last thing the American Citizens need hanging around their necks is the Albatross of more wasted money in the name of "reform". The Obama Administration has zero credibility remaining after demonstrating they will lie about anything and everything they wish, to consolidate and expand their political power (of course, all in the name of the "people"; that is, the Obama "people", not the American "people"). Do your homework; go to the GAO and see for yourself how terrible these "reforms" are. And then vote politicians out of office who refuse to accept the direction of the American Citizens.

Posted by: wcmillionairre | August 2, 2009 3:52 PM

Posted by: bluetalon | August 2, 2009 2:41 PM
Since it was our government that created the insane deficits, they should be the ones to make the first meaningful gesture towards reducing the national debt.

Couldn't agree more! Our Quasi Royal Congress will never live by a plan they inflict on the unwashed masses. Oh yes, they have included illegal latinos in the unwashed masses to receive the same health care available to all American Citizens. Let's all sing a roung of La Coocaracha like we mean it!

Posted by: vickie105 | August 2, 2009 3:49 PM

Of course there is going to be tax increases. You can not spend money you don't have without causing a deficit.
We sure don't need to overhaul something that is not broke, maybe touch up a little bit, but to overhaul is a total waste. Goverment could not even make a profit running the Mustang Ranch with Sex and Alcohol, how on earth do they think that health care needs their help. National security should be congress's number one concern. Close the borders, send all other
illegals home, where ever that may be, Mexico, Kenya or where ever. Get them out of the emergency rooms. WE don't owe then health care. Goverment Health Plan will cause private insurance companys to go out of business affecting our savings and increasing unemployment by untold numbers with much less tax dollars to pay down this huge deficit caused in large part by a community organizer with very little experience in being a leader of anything. Chicago politics all over.
All these jobs the stimulas has created seems to be Police jobs or other gov. jobs. When is the stimulas going to create jobs that make a product. Government is such waste. Overhaul maybe, 2010 is coming.

Posted by: myop1 | August 2, 2009 3:46 PM

What a bunch of poppy-cock! The Obama Administration is so desperate for achieving power they will lie to us about everything! Stay informed, stay alert, vote the people out of office in Midterms that refuse to listen to the Citizens...

Posted by: wcmillionairre | August 2, 2009 3:43 PM

Obama promised less tax for the masses! Obama needs to tax the masses to keep his promise! Several million illegal latinos are awaiting the national plan to be passed! They are getting less service than they deserve in emergency rooms and health departments. Then when they are naturalized (with tax amnesty) Obama will be reelected. Obama Mania is fueled by the backlash from Bush/Cheney. That is something else we can hate them for.

Posted by: vickie105 | August 2, 2009 3:37 PM

Geithner & Summers are simply liars. The plan is to make "positive talk" for the consuming masses and to hope that it works.

Posted by: TooManyPeople | August 2, 2009 3:34 PM

What do you call 1 million worthless, terminally-greedy, perpetually arrogant Republicans at the bottomw of the ocean? A good start. These human pond scum are only concerned with regaining their power and raping the American public - may they all rot in the Seventh Circle of Hell.

Posted by: Bushwhacked1 | August 2, 2009 3:21 PM

What do you call a dead liberal? A good liberal!

"Imagine no liberals, what a wonderful world it would be!"

Posted by: cschotta1 | August 2, 2009 3:24 PM

What do you call 1 million worthless, terminally-greedy, perpetually arrogant Republicans at the bottomw of the ocean? A good start. These human pond scum are only concerned with regaining their power and raping the American public - may they all rot in the Seventh Circle of Hell.

Posted by: Bushwhacked1 | August 2, 2009 3:21 PM

For those unfamiliar with the socialist-speak used by the loony-left socialist media, here's a translation:

"Obama's mother, Stanley A. Dunham, worked for Peter Geithner (Tim Geithner's Father) at the Ford Foundation. The same Predatory lending scheme (micro-lending) that was mastered by these families is, also the IDENTICAL scheme that brought on the Housing crisis by Fannie Mae, which triggered the rest of the collapse causing banks to stop lending ..."

Posted by: ChooseBestCandidate | August 2, 2009 3:04 PM

Since it was our government that created the insane deficits, they should be the ones to make the first meaningful gesture towards reducing the national debt. They should all vote themselves a pay reduction of 50%. Then they should volunteer to forgo their health care and retirement plans until the deficit is eliminated.
Until then, I'm doing everything in my power to reduce the amount of taxes I send to these incompetent, irresponsible idiots.

Posted by: bluetalon | August 2, 2009 2:41 PM

McCain, the former maverick, is a gutless phony who is afraid to have daylight between himself and the official Republican position. Before he got the nomination they whipped him into shape so that he constantly carries his dog-eared copy of the party handbook.

Posted by: Gator-ron | August 2, 2009 2:26 PM

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